The International Finance Corporation (IFC) has approved a decision to provide a EUR42 million long-term loan to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, both majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189 MW wind farm in Ukraine.
According to the bank’s materials, the total estimated cost of the wind farm construction project is EUR290 million.
The project is expected to receive support from partners, namely the European Commission under the Ukraine Investment Facility (EC-UIF) and the Economic Resilience Action Program for Ukraine (ERA Program), in particular from the Norwegian Agency for Development Cooperation (NORAD).
“The IFC’s additional role encompasses both financial and non-financial aspects. On the financial side, the IFC provides support in structuring a long-term financing package, which may include lending from its own funds, concessional financing, first-loss guarantees, and the mobilization of parallel loans,” the corporation stated.
At the same time, on the non-financial side, the IFC is strengthening the project’s financial resilience by providing support in assessing the electricity market. In addition to support during the pre-investment phase, the IFC will provide technical guidance to enhance the project’s capacity to manage environmental and social risks in accordance with IFC performance standards.
As previously reported, the IFC loan will be part of the project’s secured debt financing, which also involves the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB).
Specifically, on June 17, the EBRD also approved a decision to provide a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC—companies majority-owned by VI.AN Holding, a member of the OKKO Group— to finance the construction and operation of the aforementioned 189 MW wind farm in Ukraine.
The OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the “Galnaftogaz” concern, which operates one of the largest gas station chains in Ukraine under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
IFC, LOAN, RENEWABLE ENERGY, RES, ОККО
On June 17, the European Bank for Reconstruction and Development (EBRD) approved a decision to provide a long-term loan of up to EUR50 million to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, both majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189 MW wind farm in Ukraine.
According to the bank’s materials, the EBRD loan will be part of the project’s secured debt financing, with participation from the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank (BSTDB).
The project will also receive guarantee support and grant funds for technical assistance from the European Union under the Ukraine Investment Framework through the HI-BAR program, which reduces risks for investors and helps attract funding to renewable energy and climate technology projects.
Against the backdrop of significant losses in power generation capacity due to the war, this investment is expected to help reduce the electricity shortage, support decarbonization, and strengthen the private sector’s role in the development of renewable energy.
According to the bank’s estimates, the new wind farm will generate approximately 467 GWh of electricity annually and reduce CO2 emissions by about 300,000 metric tons per year. The total cost of the project is estimated at EUR262 million.
OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the “Galnaftogaz” concern, which operates one of Ukraine’s largest gas station networks under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
As previously reported, in April 2025, the EBRD, IFC, and the Black Sea Trade and Development Bank (BSTDB) announced a EUR157 million loan to the “Galnaftogaz” Group for a 147 MW wind farm in the Volyn region.
The International Finance Corporation (IFC) is considering providing a EUR42 million long-term loan to Volyn West Wind-2 LLC and Volyn West Wind-3 LLC, which are majority-owned by VI.AN Holding, a member of the OKKO Group, to finance the construction and operation of a 189-MW wind farm in Ukraine.
As noted in the bank’s materials, the possibility of providing the loan will be considered at a meeting of the IFC Board of Directors on June 15, 2026; the total estimated cost of the wind farm construction project is EUR262 million.
“The IFC’s additional role encompasses both financial and non-financial aspects. On the financial side, the IFC provides support in structuring a long-term financing package, which may include lending from its own funds, concessional financing, first-loss guarantees, and the mobilization of parallel loans,” the corporation stated.
At the same time, on the non-financial side, IFC is strengthening the project’s financial sustainability by providing support in assessing the electricity market. In addition to support during the pre-investment phase, IFC will provide technical guidance to enhance the project’s capacity to manage environmental and social risks in accordance with IFC performance standards.
As reported, the IFC loan will be part of the project’s secured debt financing, which also involves the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank (BSTDB).
OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other sectors. The group’s flagship company is the Galnaftogaz concern, which operates one of Ukraine’s largest gas station networks under the “OKKO” brand, comprising approximately 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
As reported, in April 2025, the EBRD, IFC, and CEB announced a EUR157 million loan to the “Galnaftogaz” group for a wind farm in the Volyn region.
The OKKO group of companies, together with its agribusiness partner Gadz-Agro LLC (Ternopil region) have expanded their land bank to 50,000 hectares and will increase it to 100,000 hectares by 2030, while the number of cows will be increased from 11,000 to 15,000, OKKO Group CEO Vasyl Danylak said in an interview with Forbes Ukraina.
He recalled that OKKO entered the agricultural business in 2023 and offered the owner of Gadz-Agro to build a biogas plant near his cowsheds. However, he proposed another option for cooperation – to enter into a partnership and develop together.
“We entered into a 50/50 partnership with Gadz Agro. They are a long-standing client with whom we worked on an agricultural financing program. (…) At that time, it was a company with 26,000 hectares of land and 9,500 cows – a large company with a remarkable owner,” said Danylak.
The CEO of OKKO reported that in 2024, the agricultural business expanded its land bank by almost 6,000 hectares and invested in cowsheds. Currently, the joint ownership includes 32,000 hectares of land and 11,000 cows, which produce 188 tons of milk per day. During 2025, OKKO and Gadz-Agro consolidated more than 17,000 hectares.
“This business fits organically into our structure – we supply fuel and fertilizers there, and we get meat for our workshops and grain for our traders from there,” explained Danilyak.
According to him, OKKO Group and Gadz-Agro plan to increase their land bank to 100,000 hectares by 2030, have 15,000 cows, and build a biogas production facility.
“The idea is for this business to be self-sufficient and pay dividends. (…) In terms of return on investment, agriculture and petroleum products are roughly equivalent businesses. But the investment opportunities are different. We have the opportunity to invest in agriculture, but not in expanding the network,” Danilyak noted.
At the same time, the CEO of OKKO expressed confidence that agribusiness in Ukraine will grow in the foreseeable future, while the petroleum products market is unlikely to do so. “A growing market forgives mistakes. A falling market does not forgive mistakes,” he stressed.
Responding to a question about the specifics of doing business with a partner in the agricultural sector, Danilyak clarified that OKKO and Gadz-Agro are represented by two representatives each on the supervisory board. He added that OKKO GROUP does not plan to invest in port logistics for the export of agricultural products.
OKKO Group unites more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other services. The group’s flagship company is Galnaftogaz, which operates one of the largest petrol station chains in Ukraine under the OKKO brand, with almost 400 petrol stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
OKKO Group of Companies has installed 64 solar power plants (SPPs) on the roofs of gasoline filling stations (FFS) during 2025, its website reported on Wednesday.
“As of the end of 2025, already 265 ”OKKO“ are equipped with SES installed on the roof of filling stations (…) Thanks to the use of solar modules, last year the network of ‘OKKO’ covered 8.4% of the needs of its filling stations in electricity,” the company said.
Now the total capacity of the installed SES reaches 6 MW. The volume of investments in rooftop stations since 2021, when the company started developing the solar project, has reached more than $3 million, with most of the invested funds already returned in the form of savings in electricity costs, the group emphasized.
In 2026, the network plans to install SES at more than 40 more of its gas stations, investing another $0.5 million in their installation and startup, which is expected to increase the share of solar energy in the gas station network’s energy consumption to 9.5%.
“Our goal is to install SES at all filling stations of ”OKKO”, where there is such a technical possibility. According to our estimates, this is more than 350 filling stations in all regions of Ukraine. During the period of active generation such SES can provide from 15% to 55% of the daily electricity needs of filling stations“, – said the head of the energy efficient solutions sector of ”OKKO” Vitaliy Gut.
As reported with reference to the CEO of OKKO Group holding, co-founder of GORO Mountain Resort Vasyl Danilyak, the group plans to commission its first Ivanichi 147 MW WPP in Volyn region in the first quarter of 2026. According to him, OKKO has already started with a new wind power project in the neighborhood of the first one – the Zaturintsy VES 192 MW.
OKKO Group unites more than 10 diversified businesses in the sphere of production, trade, construction, insurance, service and other services. The flagship company of the group is Galnaftogaz Concern, which operates one of the largest gasoline networks in Ukraine under the brand name OKKO with almost 400 gasoline filling complexes.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
Demand for motor fuel during large-scale power outages may increase by 10-20%, and the fuel market is fully prepared for this, according to Yuriy Kuchabsky, OKKO’s vice president of procurement, wholesale sales, and new business.
“If there is a blackout, we are prepared. We estimate that there may be a 10-20% jump in fuel sales. The market will cope with this very easily,” he said during the “Energy that keeps Ukraine going” forum organized by RBC-Ukraine, which was recently held in Kyiv.
According to him, the reason to expect the market to be ready for surges in demand is primarily that it is not monopolized and has been tempered by various trials, including the loss of supplies from Russia with the start of a full-scale invasion, power outages, and Russian strikes on the Kremenchug oil refinery and oil depots.
“There was a test of endurance at the beginning of the summer when the Kremenchug oil refinery was bombed and it effectively disappeared from the market in a single day. In the same month, the number of importers increased sharply, by about 50 companies. And there was no shortage, the market was flooded. So there will be no disaster now either. The market has also learned to operate without oil depots so as not to create additional targets for the enemy,” Kuchabsky explained.
OKKO Group brings together more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other services. The group’s flagship company is Halnaftogaz, which operates one of the largest gas station chains in Ukraine under the OKKO brand, with nearly 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
